Banking-as-a-service startup Unit closes on $100M at a $1.2B valuation

Unit, a banking-as-a-service startup, has closed on a $100 million Collection C spherical of funding led by Perception Companions.

Current backers Accel, Higher Tomorrow Ventures, Aleph, and Flourish Ventures additionally participated within the financing, which values the corporate at $1.2 billion. The increase follows a $51 million Collection B financing that was introduced final June, and brings its complete fairness raised since inception to just about $170 million.

Founders Itai Damti and Doron Somech began Unit, which has twin headquarters in Tel Aviv and Recent York Metropolis, in late 2019. The pair spent the primary 12 months stealthily constructing out the know-how with the mission of giving corporations a option to embed monetary companies into their product, accelerating their time to market.

In different phrases, Unit touts that corporations utilizing its know-how in a wide range of industries — similar to freelance or creator financial system and private monetary administration, for instance — can construct monetary merchandise straight into their software program. This offers them the power to construct and launch next-gen financial institution accounts, playing cards, cost and lending merchandise.

Unit has seen its transaction quantity develop by 7x over the past six months. The startup has crossed an annualized transaction quantity of $2.6 billion, issued over 430,000 playing cards to over 330,000 prospects and noticed a 10x improve in deposit volumes.

Damti and Somech are not any strangers to rising corporations. The duo beforehand began — and bootstrapped — Leverate, a Tel Aviv-based B2B buying and selling tech supplier.

The increase is additional proof that startups that allow different corporations to supply monetary merchandise are amongst essentially the most well-funded within the fintech world today. Final week, TechCrunch reported on Dock, a Brazilian fintech infrastructure supplier that raised $110 million at a valuation of over $1.5 billion. The startup operates a full-stack funds and digital banking “platform” throughout Latin America.

My weekly fintech e-newsletter, The Interchange, launched on Might 1! Join right here to get it in your inbox.

 

TechEndowed
TechEndowedhttps://techendowed.com
Your trusted hub for tech and gadget updates. We aggregate news from trusted sources to provide you with trending tech news while covering tech startups, companies, gadget specs, reviews, crypto, and NFT updates.

Latest news

MORE UPDATES

LEAVE A REPLY

Please enter your comment!
Please enter your name here